Study Gives Advisors Clues to Understanding Rich Clients
National Underwriter (Life/Health) (09/11/00) Vol. 104, No. 37 p.3; Thomas, Trevor

According to J.P. Morgan's private banking service, financial service advisors who want more business from wealthy clients must fine tune their marketing strategies. Today's affluent market is not defined by wealth. A typical wealthy client in the 21st century, according to research, is defined by behaviors reflected in lifestyles and trends. Iconoculture Inc. conducted research on the way wealth affects the way people view themselves. Throughout major U.S. cities, the findings indicated that wealth helps people to define the life they want. From observing the wealthy, Iconoculture perceived six prevalent behaviors or attitudes that summarized the affluent market. The behaviors or attitudes included the accumulation of material goods, being empowered by the Internet, having an appreciation for the arts, having the goals of health and happiness, being concerned with their legacy, and embracing a holistic approach to wellness. These ideas, admittedly, do not directly translate into selling financial services. However, these ideas suggest areas financial advisors can focus on when marketing their products to a more affluent clientele.

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